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Prince George board gives consensus to pursue debt issuance for River Road water projects amid questions about capacity for Southpointe Business Park
Summary
Staff received board consensus to move forward with a spring banking RFP and public hearing preparations for a not-to-exceed $10.9 million reimbursement bond tied to the River Road transmission main and related water projects; board members sought legal guidance on whether the county can legally pre-allocate water capacity to the Southpointe Business Park before customers connect.
County staff told the Board that construction is underway for a transmission main and a 1,000,000-gallon ground storage tank with a 3,000,000-gallon-per-day booster station on River Road, and that engineers estimate the transmission-main project at roughly $10.9 million. At the November 2024 meeting the Board authorized the contract award and a reimbursement resolution; staff now seek consensus to issue debt to reimburse utility cash reserves used during construction.
Financial logistics: Davenport Financial provided a not-to-exceed fee of $75,000 for issuance…
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